Dear Sir,
I introduce my self as Subhash Chand Jain one of the online trading member of M/s Unicon Commodities Pvt. Ltd. enrolled vide Client Code No. DJ197, duly informed through their letter DT 14-05-2010 at my mailing address registered with U.C.P.L i.e. E-92, Ground Floor, Ashok Vihar, Phase-1, Delhi-110052.
It is further stated that, an amount of Rs.1000/- was deposited vide cheque No. 043315 DT 07.05.10 along with the application for enrollment of membership. Thereafter on receipt of trading password on 27.05.10 I had Deposited a sum of Rs.30, 000/- vide cheque No. 043317 DT 27.05.10 drawn on Axis Bank Ltd, Ashok Vihar branch, as margin money. On receipt of cheque clearance confirmation I started the trading on 31.05.10 and bought 1 Lot of Copper @ Rs.322.30. on 01.06.10 again I bought another lot of Copper @ Rs.316.00. Afterwards, as the prices started falling down I received a Payment/Margin Call of Rs.15, 000/- on 02-06-10, which was immediately paid vide Cheque No. 043318 DT 02.06.10 drawn on Axis Bank Ltd, Ashok Vihar branch and the same was cleared from my account on 03.06.10. I was very much surprised, a day after the clearance of the cheque i.e. 04-06-2010, when I received a phone call from Unicon people saying that your Cheque for Rs.15, 000/- has bounced from the bank and kindly arrange to deposit the funds immediately to hold the position of your trade, simultaneously an SMS was received informing me that your account is short by Rs.15, 697/- and also received an e-mail (Copy attached) for the same. Then, to reply their call & e-mail, I sent them the SMS-Alert I received from my banker about the clearance of cheque on 03.06.10 to satisfy them and to save my trade position.
Thereafter till the visit of Mr. Apoorva Wadhwa (Vice President and Head of the Commodities Division) duly accompanied with Mr. Amit Gupta and Mr. Abhishek Tiwari on 15.06.10, I didn’t received any communication/information about my trade position in any way or in any manner despite of my mail sent to their help desk, grievance cell and to their corporate office mentioning the above facts on 08.06.10 for the reasons best known to them. It was very surprising for me when I came to know that both the Lots of Copper has been sold, that too without obtaining my consent or any information to me about selling of my lots at any point of time in any way or in any manner and they have operated my trade account in their own way as per their will & choice which is not at all appreciable on their part nor it’s business wise for a company like U.C.P.L.
On 15 06.10 Mr. Apoorva Wadhwa (Vice President – Commodities) accompanied with Mr. Amit Gupta and Mr. Abhishek Tiwari visited my residence and tendered their apology for whatever happened and accepted that it happens only due to negligence and by mistake of their subordinate staff and executives and they are ready to compensate me for the same to my satisfaction. After having long discussion we were arrived to the conclusion that they will buy two copper in my account on the prevailing rate with contribution of required margin for the same to compensate the loss incurred due to their negligence. But, later on they just changed the track and nothing could be materialized as per their commitment / assurance and finally they offered me a sum of Rs.9, 000/- that too with an obligation that they are compensating me without of any fault at their end otherwise they are not liable for any compensation.
On 25-06-10 in morning hours I tried to Login the software provided by U.C.P.L to view the current status of the market, after Login, it reflects on the screen that “Account Locked, contact your Administrator” (Screenshot of window, attached) then I called up Mr.Apoorva Wadhwa and Mr.Abhishek Tiwari to know the reason of the same but their reply was shocking me which is self explanatory in the recorded conversation (Audio Recording Attached), after listening the same you will realize that how these agencies are dictating the terms and imposing their short comings on the client which defeats the purpose of SEBI to protect the interest of the client /customer and these agencies are running their show in their own way without any fear of the consequences thereof. When I tried to login the account at night around 09:00 p.m. then it reflected that “Client already Signed on” (Screenshot Attached), which is not at all understood by me.
It is necessary to mention here that it’s a very sensitive field and the entire business is totally based on good faith rather you say on blind faith but if such type of acts shall be repeated then no body will believe to each other and the entire system shall be paralyze. Under these circumstances an appropriate action is required to investigate the matter to fix the responsibilities of high ups of U.C.P.L.
In view of the facts stated above it is my humble request to you to look in to the matter personally and do the needful in the interest of the public at large.
Your early response in the matter shall be highly appreciated.

With best regards

Subhash Chand Jain
Mob.9810236877


Complaint forwarded to :

1. Mr. C.B. Bhave (Chairman) : Securities & Exchange Board of India
2. The Regional Office (North) : Securities & Exchange Board of India
3. The Regional Office (South) : Securities & Exchange Board of India
4. The Regional Office (East) : Securities & Exchange Board of India